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SELECT MEDICAL HOLDINGS CORP（SEM）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
SELECT MEDICAL HOLDINGS CORP的季度营收约是特诺控股的1.9倍（$1.4B vs $730.0M），SELECT MEDICAL HOLDINGS CORP净利率更高（1.4% vs -24.1%，领先25.6%），特诺控股同比增速更快（8.0% vs 6.4%），特诺控股自由现金流更多（$53.0M vs $5.2M），过去两年SELECT MEDICAL HOLDINGS CORP的营收复合增速更高（2.8% vs -2.9%）
Select Medical是总部位于美国宾夕法尼亚州的医疗健康企业，业务涵盖长期急症护理、住院康复医院运营，同时开设有职业健康与物理治疗诊所，母公司Select Medical Holdings在纽约证券交易所挂牌上市。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
SEM vs TROX — 直观对比
营收规模更大
SEM
是对方的1.9倍
$730.0M
营收增速更快
TROX
高出1.6%
6.4%
净利率更高
SEM
高出25.6%
-24.1%
自由现金流更多
TROX
多$47.8M
$5.2M
两年增速更快
SEM
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $730.0M |
| 净利润 | $20.2M | $-176.0M |
| 毛利率 | — | 5.3% |
| 营业利润率 | 4.6% | -15.6% |
| 净利率 | 1.4% | -24.1% |
| 营收同比 | 6.4% | 8.0% |
| 净利润同比 | 225.7% | -486.7% |
| 每股收益（稀释后） | $0.17 | $-1.11 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收SEMTROX
| Q4 25 | $1.4B | $730.0M | ||
| Q3 25 | $1.4B | $699.0M | ||
| Q2 25 | $1.3B | $731.0M | ||
| Q1 25 | $1.4B | $738.0M | ||
| Q4 24 | $1.3B | $676.0M | ||
| Q3 24 | $1.3B | $804.0M | ||
| Q2 24 | $1.3B | $820.0M | ||
| Q1 24 | $1.3B | $774.0M |
净利润SEMTROX
| Q4 25 | $20.2M | $-176.0M | ||
| Q3 25 | $28.8M | $-99.0M | ||
| Q2 25 | $40.6M | $-84.0M | ||
| Q1 25 | $56.7M | $-111.0M | ||
| Q4 24 | $-16.1M | $-30.0M | ||
| Q3 24 | $55.6M | $-25.0M | ||
| Q2 24 | $77.6M | $16.0M | ||
| Q1 24 | $96.9M | $-9.0M |
毛利率SEMTROX
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 7.4% | ||
| Q2 25 | — | 10.8% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | — | 15.9% | ||
| Q2 24 | — | 18.3% | ||
| Q1 24 | — | 15.5% |
营业利润率SEMTROX
| Q4 25 | 4.6% | -15.6% | ||
| Q3 25 | 5.4% | -6.2% | ||
| Q2 25 | 6.5% | -4.8% | ||
| Q1 25 | 8.3% | -8.3% | ||
| Q4 24 | 1.6% | 7.1% | ||
| Q3 24 | 4.3% | 6.7% | ||
| Q2 24 | 5.8% | 9.3% | ||
| Q1 24 | 9.0% | 5.3% |
净利率SEMTROX
| Q4 25 | 1.4% | -24.1% | ||
| Q3 25 | 2.1% | -14.2% | ||
| Q2 25 | 3.0% | -11.5% | ||
| Q1 25 | 4.2% | -15.0% | ||
| Q4 24 | -1.2% | -4.4% | ||
| Q3 24 | 4.4% | -3.1% | ||
| Q2 24 | 6.1% | 2.0% | ||
| Q1 24 | 7.3% | -1.2% |
每股收益（稀释后）SEMTROX
| Q4 25 | $0.17 | $-1.11 | ||
| Q3 25 | $0.23 | $-0.63 | ||
| Q2 25 | $0.32 | $-0.53 | ||
| Q1 25 | $0.44 | $-0.70 | ||
| Q4 24 | $-0.12 | $-0.19 | ||
| Q3 24 | $0.43 | $-0.16 | ||
| Q2 24 | $0.60 | $0.10 | ||
| Q1 24 | $0.75 | $-0.06 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $26.5M | $199.0M |
| 总债务越低越好 | $1.8B | $3.1B |
| 股东权益账面价值 | $1.7B | $1.4B |
| 总资产 | $5.9B | $6.2B |
| 负债/权益比越低杠杆越低 | 1.06× | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资SEMTROX
| Q4 25 | $26.5M | $199.0M | ||
| Q3 25 | $60.1M | $185.0M | ||
| Q2 25 | $52.3M | $132.0M | ||
| Q1 25 | $53.2M | $138.0M | ||
| Q4 24 | $59.7M | $151.0M | ||
| Q3 24 | $191.5M | $167.0M | ||
| Q2 24 | $111.2M | $201.0M | ||
| Q1 24 | $92.6M | $152.0M |
总债务SEMTROX
| Q4 25 | $1.8B | $3.1B | ||
| Q3 25 | $1.7B | $3.1B | ||
| Q2 25 | $1.8B | $2.7B | ||
| Q1 25 | $1.8B | $2.8B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $3.6B | $2.8B | ||
| Q1 24 | $3.8B | $2.8B |
股东权益SEMTROX
| Q4 25 | $1.7B | $1.4B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $1.7B | $1.6B | ||
| Q1 25 | $1.7B | $1.7B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.9B | $1.9B | ||
| Q2 24 | $1.4B | $1.9B | ||
| Q1 24 | $1.4B | $1.9B |
总资产SEMTROX
| Q4 25 | $5.9B | $6.2B | ||
| Q3 25 | $5.7B | $6.3B | ||
| Q2 25 | $5.7B | $6.2B | ||
| Q1 25 | $5.7B | $6.1B | ||
| Q4 24 | $5.6B | $6.0B | ||
| Q3 24 | $8.0B | $6.2B | ||
| Q2 24 | $7.9B | $6.1B | ||
| Q1 24 | $7.9B | $6.0B |
负债/权益比SEMTROX
| Q4 25 | 1.06× | 2.21× | ||
| Q3 25 | 1.03× | 2.01× | ||
| Q2 25 | 1.10× | 1.67× | ||
| Q1 25 | 1.03× | 1.64× | ||
| Q4 24 | 1.01× | 1.57× | ||
| Q3 24 | 1.62× | 1.45× | ||
| Q2 24 | 2.54× | 1.47× | ||
| Q1 24 | 2.75× | 1.48× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $64.3M | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $5.2M | $53.0M |
| 自由现金流率自由现金流/营收 | 0.4% | 7.3% |
| 资本支出强度资本支出/营收 | 4.2% | 9.3% |
| 现金转化率经营现金流/净利润 | 3.19× | — |
| 过去12个月自由现金流最近4个季度 | $117.2M | $-281.0M |
8季度趋势，按日历期对齐
经营现金流SEMTROX
| Q4 25 | $64.3M | $121.0M | ||
| Q3 25 | $175.3M | $-57.0M | ||
| Q2 25 | $110.3M | $28.0M | ||
| Q1 25 | $-3.5M | $-32.0M | ||
| Q4 24 | $125.4M | $82.0M | ||
| Q3 24 | $181.0M | $87.0M | ||
| Q2 24 | $278.2M | $160.0M | ||
| Q1 24 | $-66.7M | $-29.0M |
自由现金流SEMTROX
| Q4 25 | $5.2M | $53.0M | ||
| Q3 25 | $122.2M | $-137.0M | ||
| Q2 25 | $45.6M | $-55.0M | ||
| Q1 25 | $-55.8M | $-142.0M | ||
| Q4 24 | $62.0M | $-35.0M | ||
| Q3 24 | $130.3M | $-14.0M | ||
| Q2 24 | $222.6M | $84.0M | ||
| Q1 24 | $-119.2M | $-105.0M |
自由现金流率SEMTROX
| Q4 25 | 0.4% | 7.3% | ||
| Q3 25 | 9.0% | -19.6% | ||
| Q2 25 | 3.4% | -7.5% | ||
| Q1 25 | -4.1% | -19.2% | ||
| Q4 24 | 4.7% | -5.2% | ||
| Q3 24 | 10.2% | -1.7% | ||
| Q2 24 | 17.4% | 10.2% | ||
| Q1 24 | -9.0% | -13.6% |
资本支出强度SEMTROX
| Q4 25 | 4.2% | 9.3% | ||
| Q3 25 | 3.9% | 11.4% | ||
| Q2 25 | 4.8% | 11.4% | ||
| Q1 25 | 3.9% | 14.9% | ||
| Q4 24 | 4.8% | 17.3% | ||
| Q3 24 | 4.0% | 12.6% | ||
| Q2 24 | 4.3% | 9.3% | ||
| Q1 24 | 4.0% | 9.8% |
现金转化率SEMTROX
| Q4 25 | 3.19× | — | ||
| Q3 25 | 6.09× | — | ||
| Q2 25 | 2.72× | — | ||
| Q1 25 | -0.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.25× | — | ||
| Q2 24 | 3.59× | 10.00× | ||
| Q1 24 | -0.69× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
